Crude oil spikes back above $60 a barrel

Crude oil prices are back above $60 a barrel for the first time since December.

In early trade Tuesday, the price of West Texas Intermediate crude oil was up about 2% to above $60 a barrel for the first time in about five months. Prices have crept higher since WTI hit a low of $43 back in March.

Brent crude oil, the international benchmark, is trading at about $67 a barrel.

The latest rally in crude comes after Saudi Arabian oil minister Ali Al-Naimi said oil prices were not set by OPEC or anyone else in the market but were "up to Allah."